Netflix CEO Reed Hastings' pay rose to $24.4 million last year, amid a period of great growth for the company

Netflix CEO Reed Hastings saw his pay rise five percent to $24.4 million in 2017, the company disclosed in a regulatory filing on Monday.

Netflix's chief creative officer, Ted Sarandos, also saw his total compensation package rise 18.5 percent from $18.9 million in 2016 to $22.4 million last year.

Netflix's executive pay increases came amid a period of great growth for the company.

After posting its "highest quarter in our history," with 8.3 million subscribers added globally in Q4 of 2017, the company again blew past growth targets in Q1, adding another 7.4 million subscribers.

Netflix CEO Reed Hastings saw his total compensation package rise five percent to $24.4 million in 2017, the company disclosed in a regulatory filing on Monday, according to The Hollywood Reporter.

While Hastings' salary dropped from $900,000 to $850,000, the CEO's stock options rose from $22.3 million to $23.5 million.

Netflix's head of content, Ted Sarandos, also saw his pay rise 18.5 percent from $18.9 million in 2016 to $22.4 million last year.

While Sarandos' salary stayed at $1 million, his stock options dropped slightly to $12.4 million, and his "non-equity incentive plan compensation" grew from $4 million to more than $9 million, according to THR.

Netflix's executive pay increases came amid a period of great growth for the company.

Though Netflix's subscriber growth has continued to soar, it still has negative free cash flow, and expects to for quite some time. That means debt is needed. Netflix announced today that it plans to raise $1.5 billion in debt to invest in its content library of shows and movies, which the company will have spent roughly $8 billion on by the end of 2018.